The administrator for defunct UK freighter operator CargoLogicAir has highlighted the ongoing issues it has faced in accessing the airline's company records.
In a six-monthly progress report, the airline’s joint administrator Buchler Phillips said it had been unable to access Microsoft Azure and Microsoft 365 subscriptions since it was appointed.
This was "severely hampering the progress of the administration".
However, since legal action was threatened, Microsoft Ireland Operations Limited (MIOL) has started engaging with the administrators.
"The lack of records is hindering the collection of book debts," the administrator explained.
Buchler Phillips added that it understands that some records may have been permanently deleted in the meantime.
It has requested information on how the records can be restored, however expensive or time consuming.
On a brighter note, the administrator has gained access to the Trax aircraft stock system, which has allowed the company to move forward with selling Boeing 747 stock.
And an offer - worth $385,000 - has also been accepted on the sale of stock held at East Midlands Airport in the UK, although further stock is held at Amsterdam and Hahn airports and is yet to be sold.
Overall, Buchler Phillips at the present time expects there to be sufficient funds available to make a distribution to creditors.
UK-based CargoLogicAir, which operated Boeing 747 freighters, entered administration in 2022 after it was forced to halt services following sanctions relating to the conflict in Ukraine that prevented it from flying to European Union and US destinations.
Meanwhile, the airline's ultimate beneficial owner, Alexey Isaykin later found himself on a UK sanctions list related to the war.
In November last year, Buchler Phillips was granted an extension to the administration period due to the difficulties it faces accessing records and creating bank accounts due to the sanctions.
The extension runs until November 2025.
The administrator currently estimates that £10.5m in total assets can be realised, although it does not at present list any funds raised through stock, tax refunds and book debts as these are too uncertain.
https://www.aircargonews.net/airlines/freighter-operator/cargologicair-administration-to-progress-after-bank-account-secured/
https://www.aircargonews.net/airlines/cargologicair-not-likely-to-be-sold-as-a-going-concern/
